Circle has been fluctuating around 60 throughout July. No matter how much FUD there is, it just won’t drop. It’s probably due to the factors we discussed earlier: the scale of its business, the ambition of its founders and management team, and the combined narratives of stablecoins/RWA/agent payments. These provide a safety margin at the lower end. A safety margin means that if it drops too much, it’s actually a good entry point. The latest quarterly report wasn’t particularly impressive, yet the price didn’t fall. When bad news doesn’t cause a drop, it suggests that the safety margin around 60 is pretty solid. In the past couple of days, Cloudflare launched an agent-specific wallet that supports stablecoins, and the official demo used USDC. Are we about to see another wave of agent payment narratives?